NEW YORK: US discount retailers Dollar Tree and Family Dollar announced a $9.2bn merger that will create a huge chain of more than 13,000 stores across North America.
Dollar Tree, which sells everything for $1 or less, will pay combination of $59.60 in cash and $14.90 equivalent in Dollar Tree shares for Family Dollar, and assume its debt. The cash-and-stock portion is valued at $8.5bn.
Dollar Tree operates 5,080 stores in 48 US states and five Canadian provinces. Family Dollar, which sells name brand and private-label goods at various prices, has more than 8,200 stores in 46 US states.